Lytx Achieved 65% Increase in New Subscriptions in Q1, Selling More Than 100,000 Subscriptions

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May 09, 2022, 08:02 ET

The growth follows record results from 2021, when Lytx doubled year-over-year sales of new subscriptions while maintaining strong profitability.

SAN DIEGO, May 9, 2022 /PRNewswire/ -- Lytx^® Inc., a global leader in fleet management solutions, today announced a 65% year-over-year increase in subscription sales in the first quarter of 2022, fueled by unprecedented demand from enterprise fleets and third-party resellers for its best-in-class video telematics solutions. The results build on the momentum achieved in 2021, when the company more than doubled sales of new subscriptions, delivering record growth and record revenue, while maintaining healthy profitability.

The company sold more than 100,000 subscriptions in the first quarter this year, due largely to significant orders from enterprise fleets and from global resellers drawn by Lytx's best-in-class video telematics suite of products and services.

"Today, more than 24 years after Lytx pioneered video telematics, this technology is now considered an essential part of fleet management," said Brandon Nixon, Chairman and CEO of Lytx. "It wasn't that long ago when we celebrated winning 100,000 new subscriptions in an entire year. Now, we're seeing that volume in a quarter, which is driving unprecedented growth in our business.

"Looking ahead, our strategy is to further extend our global leadership by driving adoption of the Lytx platform via the twin engines of our direct and indirect businesses. With a network of 88 resellers across more than 60 countries leveraging our Surfsight^ä technology, we are poised to capture a substantial portion of a large and growing demand for world-class video as a critical part of all-in-one fleet solutions."

Notable Business Achievements

Lytx significantly expanded its customer base in the first quarter of 2022, growing new subscriptions by 65% over the same period last year.
In 2022, the company welcomed Beacon Mobility (Van Pool) and Decker Truck Lines, which joined a roster of industry leaders that signed up with Lytx in 2021, including Builders First Source Inc., Republic National Distributing Co., Brinks U.S. Inc., Circle K, InterVid, and Falck Mobile Health Corp.
Growth in 2022 was also driven by significant new orders from existing clients, including Ryder Integrated Logistics, Walmart Transportation, CRST The Transportation Solution Inc., American Residential Services (ARS), and Waste Connections.
Lytx was recognized by Frost & Sullivan as the 2022 Company of the Year for North American Video Safety Solutions. The company also won a Stevie Award for customer service in the first quarter of 2022.
Lytx earned a Great Place to Work^® certification in three countries in which it has locations: the United States, United Kingdom, and Israel.
Lytx expanded its indirect business, growing its network of strategic partners to 88 top-tier resellers that leverage Lytx's Surfsight video telematics solution to add value to their all-in-one offerings and grow their revenue. Today, our reseller partners include leading telematics service providers such as Rand McNally and HD Fleet.
In 2021, the company delivered its 21^st consecutive year of record revenue. Lytx experienced rapid growth across all business units in 2021, with a 250% year-over-year increase in new indirect subscriptions, a 120% increase in new enterprise subscriptions, and a 105% increase in new small-market subscriptions.

Advancing Customer-Led Innovation
Lytx introduced several innovations in the first quarter of 2022, including:

Electronic Logging Device (ELD) Service – Lytx released ELD Service for light-duty vehicles, allowing companies to efficiently manage and record hours of service (HOS) status and complete driver vehicle inspection reports (DVIR) electronically.
Lytx Intelligence^TM Portal – This service provides collision benchmark trends, and industry maps for reviewing collision data and planning safer routes at safer times. Customers also can compare their fleet safety performance against their peer group benchmarks.
Lytx Lab: Coaching Effectiveness Score Enhancements (beta) – Lytx introduced a beta of its new, enhanced Coaching Effectiveness Score, which is designed to give a more accurate depiction of coaching efforts. The feature is being refined in the Lytx Lab, the company's testing ground for new ideas and technologies where customers can access, test, and provide feedback on innovations.
Lytx Lab: Parking – This feature, also being explored in the Lytx Lab, help fleets identify instances where their vehicle is stopped on a highway shoulder or an on/off ramp to better help them reduce risk of collision and/or injury.
Surfsight Developer Portal – The Surfsight Developer Portal gives third-party telematics service providers access to award-winning Lytx technology, minimizing development time to integrate and innovate solutions for their clients.
Surfsight Partner Portal – Delivering a one-stop shop for video telematics in a seamless user experience, the Surfsight Partner Portal offers a variety of API and integration-oriented tools to give partners maximum flexibility and configurability in how they go to market.

"Listening to, and actively collaborating with, our customers ensures that we are developing solutions to address their most complex challenges and unmet needs," said Rajesh Rudraradhya, Lytx's Chief Technology Officer. "This is critical to advancing our position as the experts and leaders in our industry. We are pioneering the next-generation platform for fleet management solutions to protect fleets and drivers, and further increase efficiencies."

About Lytx
Lytx is the global leader in fleet management services. Our solutions harness the power of video to empower drivers and fleets to be safer and more efficient, productive, and profitable so they can thrive in today's competitive environment. Through the Lytx platform, direct and reseller clients access our customizable services and programs spanning driver safety, risk detection, fleet tracking, compliance, preventative maintenance, and fuel management. Using the world's largest driving database of its kind, along with proprietary machine vision and artificial intelligence technology, we help protect and connect thousands of fleets and 1.6 million drivers in more than 60 countries worldwide. For more information about Lytx, visit www.lytx.com, @lytx on Twitter, LinkedIn, our Facebook page, or our YouTube channel.